As fear of a recession rises and consumers hunker down, seeking bargains, discount chains like Dollar Tree (DLTR) are positioned for growth. On Thursday, Dollar Tree stock got an upgrade to its Relative Strength (RS) Rating, from 62 to 74.
The upwardly revised RS Rating means Chesapeake, Va.-based Dollar Tree stock has outperformed 74% of all stocks, regardless of industry group, over the past year. Market research shows that the top-performing stocks often have an RS Rating north of 80 in the early stages of their moves. See if Dollar Tree can continue to show renewed price strength and clear that threshold.
Looking For The Best Stocks To Buy And Watch? Start Here
Dollar Tree Stock Sprouting Cup With Handle
Dollar Tree is trying to complete a cup with handle with a 170.46 buy point. See if the stock can break out in heavy volume. On Thursday, Dollar Tree stock defied the hard market sell-off and rose nearly 2% to 145.11.
Dollar Tree reported a 25% increase in EPS to $1.20 last quarter, its third quarter in a row of double-digit earnings growth. Sales grew 8% to $6.94 billion.
Peers In Discount Retail Group
Dollar Tree stock holds the No. 5 rank among its peers in the Retail-Discount & Variety industry group. Dollar General (DG) and BJ’s Wholesale Club (BJ) are also among the group’s highest-rated stocks.
As you try to find the best stocks to buy and watch, a stock’s relative price strength is a good indicator.
IBD’s proprietary Relative Strength Rating identifies market leadership by showing how a stock’s price action over the last 52 weeks measures up against that of the other stocks in our database.
YOU MAY ALSO LIKE:
Profit From Short-Term Trends With SwingTrader
IBD Stock Rating Upgrades: Rising Relative Strength
Why Should You Use IBD’s Relative Strength Rating?
How Relative Strength Line Can Help You Judge A Stock
Find Top Stocks Near A Buy Point With IBD Leaderboard
#Dollar #Tree #Stock #Rises #Thursday #Heavy #Market #SellOff